Originally Posted by froggy81500
The value of the car does come into play also. Cars that are worth more, cost more to put back together when an accident happens. Location is a huge factor as well. Typically, NY ranks very high in the nation for insurance premiums. Driver age and gender also weighs into the equation. Young male drivers are the highest. Oh, yeah and don't forget your driving record also.
Sure it does, when you have full coverage. There is no way anyone is carrying more than liability on a '93 Intrepid with 164K miles. What would he get in a total loss? Probably not even enough to cover the deductible.
When carrying collision and compehensive the value of the vehicle is a factor, but overall it does not carry as much weight as much as you might think. A Z06 Corvette costs more to insure than a S500, even though the Benz is significantly pricier. Reason is more Z06 drivers will wreck than Benz drivers. When they do, they are more likely to cause grievous injury or death. It's all statistics and actuarial tables.
Property damage is the least of the insurance companies worries. Say a guy wrecks an $80K Porsche Cayman into a tree. The insurance company will only be on the hook for the depreciated value of the car, some towing and maybe the cost of the tree to the property owner. Won't even be $80K. The driver breaks both legs, several ribs, punctures a lung and has a serious concussion. The hospital bills alone will probably top $500K, and that's assuming he was alone in the car. Then there's rehab. Imagine if he hits a carload of old ladies on their way to bingo. Aye caramba!
I have a good friend who worked for a Manhattan insurance company for several years. This company only insures NYC taxis. You would crap an eggroll if you knew what is costs to insure a '98 ex-police car Crown Vic with 300K miles on it, no straight panels and puke caked on the floor.
I don't suggest the insurance companies be let off the hook for the rates, but every douche who fakes a back injury after a fender-bender to collect a 50 grand settlement should be kicked down a long flight of stairs into a steaming heap of pig shit laced with broken bottles. Hppefully his lawyer and crooked doctor will follow.
Not that I feel strongly about it or anything...